The cryptocurrency space lacks technological breakthroughs, and MEME coins are still the mainstream trend in the crypto world

The current cryptocurrency market is undergoing a phase of slowed technological innovation. Although directions such as Layer2, ZK, and modularization remain hot, there is a lack of disruptive breakthroughs at the user and ecological implementation levels. During this period of 'technological dormancy', MEME coins still occupy the center of market narratives, becoming the main battleground for capital chasing.

The reason lies in the fact that MEME coins do not rely on technology; they are driven by consensus, narrative, and community sentiment. Compared to the high barriers and investments required for infrastructure construction, MEME projects only need a symbol, a topic, or even a meme image to attract massive attention. Under the logic of 'speculation equals consensus', the short cycles, high volatility, and low barriers of MEME coins naturally become the most concentrated outlet for retail funds.

On the other hand, the competition among mainstream public chains has shifted to a war of capital, ecology, and operational resource consumption, with few projects able to truly resonate with ordinary users. In the absence of innovative narratives, the market tends to chase 'new stories' that involve low-cost gambling, and MEME coins perfectly fill this emotional gap.

The MEME craze is also an irony against the traditional blockchain logic of 'technology equals value'. It starkly reminds people: in a market without real application support, narrative is the primary productive force.

Of course, MEME is not the endpoint of the crypto world, but it may be a catalyst during a sluggish cycle. It is not a representative of technological innovation, but an amplifier of emotional cycles. When technology is not yet ready, the market will always choose the lightest way to entertain itself and cycle through.

During this technological window, MEME may not be the most valuable asset, but it is certainly the most consensual asset. It represents the current true state of the crypto industry: speculation and consensus.